Exactly what is the business impact of a poor candidate experience? According to the latest global Talent Board research, 41% of your candidates will take their allegiance, product purchases and brand relationships elsewhere because of it. They won’t apply again, they won’t refer others and they won’t buy your stuff. That could equate to millions of dollars in revenue for consumer-based businesses (like Virgin Media’s business impact work and the dozens of companies that have won our Candidate Experience Awards based on having the highest candidate ratings in our survey research) and potential eventual lost revenue due to not having the referrals needed to grow the business.
On the other hand, because of a positive candidate experience, 64% of job seekers (including those who don’t get hired) will increase their relationships with your brand and your business. That’s the potential revenue upside. Especially since the majority of the candidates surveyed via Talent Board research are rejected candidates.
How’s that for business impact?
So, how do you know for sure whether you’re delivering a great candidate experience or a lousy one? The same way you know your organization’s other key performance indicators—by measuring it…